5 Transaction Failures That Short-Circuit a Closing
Does the seller have the authority to sell the home? Has everything been disclosed under the law? Are buyers/sellers seeking professional advice for any concerns?
ORLANDO, Fla. – Some transaction go sideways simply because circumstances change for either the buyer or the seller. But in other cases, agents can avoid that sideways motion by confirming details before the transaction goes too far – or even starts.
This isn’t a complete list, but these issues aren’t exactly rare within the real estate business:
- Make sure you know the title status before completing necessary paperwork.
- Make sure you disclose everything required by law. Late-in-the-transaction discoveries can create a rocky road to closing.
- Make sure sellers and buyers read the contract, and if they don’t understand something, recommend that they contact the appropriate professionals – sometimes a real estate lawyer – about their obligations under the contract.
- Clarify buyers’ financial status with their chosen lender – and also ask buyers if they have a back-up lender should an unexpected problem arise.
- Constantly communicate with customers, lenders, closing agents and other real estate licensees to make sure the deal is proceeding on time. Unexpected problems are, by definition, unexpected, and the earlier they’re discovered, the greater the chance they can be corrected.
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